Roxanne is a director at Station F in Paris, angel investor and one of the most knowledgeable persons when it comes to early stage startups in France.

You’ve been leading Station F for almost ten years – that’s several startup generations and business cycles. How would you describe the state of the French startup ecosystem right now?

The French startup ecosystem has matured a lot since we launched Station F in 2017. At the time we struggled with funding and brain drain. Today our ecosystem is one of the leaders in Europe.

At Station F alone our companies raised €1 billion in just 8 months […in 2025], a record for us. I’d say there is still a lot to do – especially the exit market needs strengthening. And I think the upcoming presidential election could shake things up a bit, though it may be more noise than anything else.

When you look across Europe, the conventional path for local founders is moving to London on their way to the US. Why London and not Paris – is it because Paris doesn’t have what it takes or is it just a prejudice? What distinguishes the local ecosystem from others like London or Stockholm?

Mmm, I actually haven’t seen this!

We have over 70 nationalities at Station F, 1/3 of our population is non French. If people want to move, they will go straight to the US (though the current President is unpredictable and making it more risky). Maybe 5-10 years ago it was London but I’m not really seeing this much now.

I also think because we have such a strong AI ecosystem, this has helped distinguish us from other countries. And with Brexit, being in Europe and on the continent has benefits too.

France is an European engine for tech and creative talent – but is the mindset now fully entrepreneurial, or do cultural factors still hold people back from risk-taking? Is there a ‘French way’ of building startups?

I’ve never noticed “a French way” of building companies because the ecosystem emulates the US ecosystem quite a bit.

The differences are more structural than cultural. Though it is still taboo to say you want to make billions.

Most of the startup funding in France comes from public subsidies – how do you balance that ‘state boosterism’ with the need for genuine market-driven validation?

Not sure this is true, there is a lot of public but also a lot of private funding.

In early stage we have founders using unemployment benefits and state grants, in later stage the funding takes the shape of fund of funds. So I’d say it’s done very well alongside the private investors, so there is a great deal of market validation.

What keeps you optimistic about the European startup ecosystem today? What signals tell you we’re heading in the right direction and what’s still missing?

I like this ecosystem because while it is progressing on many levels, people here have real values. I actually am not anti regulation and sometimes I feel the US way of innovations puts the consumer at risk (which is what we have seen with various scandals).

So in many ways Europe has a more thoughtful approach and I think is building a future I want to be part of.

You’ve said the ‘exit market’ is Europe’s biggest bottleneck. What do you think the practical solution to this is and how do you see it play out in the future?

I do think the state can play a part in kickstarting this and pricing incentives for companies to acquire locally. This is more about catalyzing a shift rather than a real need for fiscal relief. I think it can definitely help bolster acquisitions, the IPO market will take longer.

AI is clearly dominating the conversation – what other under-the-radar trends or verticals do you find exciting among Station F startups?

We are still bullish on climate and quantum computing as well! Europe and France are well positioned to lead in these areas. We also see a lot of cyber and security companies.

Which French or European startups have caught your eye recently?

Sooooo many! We just announced our top 40 companies of 2025 at Station F and just about every company I love!

I’m also an investor in a few companies I love – Lovable, Amo, Robeauté (they make nano robots for the brain!), Beyond Aero (hydrogen private jets) and more.

If you had €1 billion to invest tomorrow, what European themes or problem spaces would you double down on?

I would pay whoever it is that needs paying to make EU inc go live tomorrow. The idea is brilliant but it needs to happen now – not in 2 years!

You have a truly inspirational profile – born in the US, have Persian origins and moved to France in your early twenties – a young immigrant woman rather a fit to the typical discrimination stereotype case, still fairly frequent in the European society, and not the obvious path to running one of the world’s most iconic startup campuses. What do you think it really takes to build credibility in a foreign ecosystem – and how could Europeans transform this discrimination problem into an opportunity?

Being a minority or “atypical” is actually a huge asset! It makes you different, it gives you an edge.

There were many many things I had to learn and I quickly learned as a foreigner that you get nowhere alone. I’ve been fortunate to have met so many amazing people who have been willing to help. So my real learning is don’t underestimate the power of those around you.

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